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36963433 2024-08-01 2025-07-31 d:OtherInvestmentsMember 36963433 2025-07-31 d:OtherInvestmentsMember 36963433 2025-07-31 1 iso4217:DKK xbrli:pure xbrli:shares 8000 Aarhus C 8000 false 25 HEARTLAND A/S 2015-07-08 Inge Lehmanns Gade 2 Revisionspåtegning Brightfolk A/S Danmark 8000 EY Godkendt Revisionspartnerselskab false DK false 2 30700228 Aarhus C Morten Friis 2025-07-31 Årsrapport 28502370 2024-08-01 2023-08-01 2024-07-31 36963433 Inge Lehmanns Gade Danmark Aarhus State Authorised Public Accountant Værkmestergade Aarhus C DK 2025-11-19 Lise Kaae Regnskabsklasse C, stor virksomhed true CaseWare-FSR false The supervisory board and executive board have today discussed and approved the annual report of Brightfolk A/S for the financial year 1 August 2024 - 31 July 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 July 2025 and of the results of the company's operations for the financial year 1 August 2024 - 31 July 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Lise Kaae Director Anders Holch Povlsen chair of the board Lise Kaae Anne Kirstine Storm Holch Povlsen To the shareholder of Brightfolk A/S Opinion We have audited the financial statements of Brightfolk A/S for the financial year 1 August 2024 - 31 July 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes. The financial statements are prepared under the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the com­pany's financial position at 31 July 2025 and of the results of the company's operations for the financial year 1 August 2024 - 31 July 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit of the ” (hereinafter collectively referred to as ”the financial statements”) section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of financial statements, that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on management's reviewManagement is responsible for management's review.Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of management's review. Aarhus 2025-11-19 EY Godkendt Revisionspartnerselskab Morten Friis State Authorised Public Accountant mne32732 Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights:For definitions, see accounting policies. -419000 -742000 -597000 1283521000 113100000 -1396838000 -1853708000 2778016000 -1331617000 -1819332000 2756110000 10101851000 11227560000 11329749000 6403833000 7388609000 7719678000 65.1 64.0 63.4 65.8 68.1 19.0 1.9 -19.3 -24.1 49.6 Business reviewThe Company's principal activities consist in investment and financing. Financial review The company's income statement for the year ended 31 July 2025 shows a profit of TDKK 1.285.274, and the balance sheet at 31 July 2025 shows equity of TDKK 7.020.831.This year’s result exceeded expectations. The result was impacted by positive development in market values, in general better performance by the investments and a profit from realization of investments in the year. OutlookIn September 2025 a subsidiary to Brightfolk A/S sold a part of their shares in Klarna linked to the company’s successful IPO. This transaction has a significant positive effect on our results in the financial year 2025/26.   The expectations for 2025/26 is to deliver a result before tax between DKK 1.500 and 2.000 million Impact on the external environment and measures taken to prevent, reduce or mitigate damageThe management believes that the activities do not affect the external enviroment. Research and developmentThere is no research and development in the company. Statutory corporate social responsibility reportFor the reporting on corporate social responsibility cf. section §99a of the Danish Financial Statements Act, BRIGHTFOLK A/S refers to the parent company HEARTLAND A/S’ (CVR number: 28 50 23 70) annual report, where the group policies on corporate responsibility are described.Statement of policy for data ethicsFor the reporting on data ethics cf. section §99d of the Danish Financial Statements Act, BRIGHTFOLK A/S refers to the parent company HEARTLAND A/S’ (CVR number: 28 50 23 70) annual report, where the group policies on data ethics are described. The annual report of Brightfolk A/S for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to large en­ter­pri­ses of re­por­ting class C.The accounting policies applied are consistent with those of last year.The annual report for 2024/25 is pre­sen­ted in TDKK Pursuant to sections §112 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.    Pursuant to section §86 subsection 4, of Danish Financial Statements Act, the company has not prepared a statement of cash flow.    Pursuant to section §96 subsection 3, of Danish Financial Statements Act, the company has not specified fees to the auditors appointed at the annual general meeting. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Newly acquired or newly established subsidiaries are recognised from the date of acquisition or the date of establishment respectively. When subsidiaries are sold or liquidated, they cease to be recognised in the financial statement at the time of transfer or time of liquidation and earnings or losses at the time of sale or liquidation are recognised in the profit and loss account.Gains and losses on the disposal of subsidiaries are calculated as the difference between the sales amount and the carrying amount of net assets at the date of disposal including any non-amortised goodwill and anticipated disposal costs.Acquisitions of enterprises are accounted for using the purchase method, according to which the identifiable assets and liabilities acquired are measured at their fair value at the date of acquisition. Costs for restructuring recognised in the acquired entity before the date of acquisition and not an agreed part of the acquisition are part of the acquisition balance sheet and hence the calculation of goodwill. Costs relating to restructuring decided by the acquiring entity must be recognised in the income statement. The tax effect of the restatement of assets and liabilities is considered.Any excess of the cost over the fair value of the identifiable assets and liabilities acquired (goodwill) is recognised as intangible assets and amortised on a systematic basis in the income statement based on an individual assessment of the useful life of the asset. Any excess of the fair values of the identifiable assets and liabilities acquired over the cost of the acquisition (badwill), representing an anticipated adverse development in the acquired enterprises is recognised in the income statement at the date of acquisition when the general revenue recognition criteria are met.If, at the date of acquisition, the identification or measurement of acquired assets, liabilities and/or contingent liabilities or the size of the purchase consideration are associated with uncertainty, initial recognition will be based on preliminarily calculated amounts. If it subsequently turns out that the identification or measurement of the purchase consideration, acquired assets, liabilities and/or contingent liabilities was not correct on initial recognition, the calculation will be adjusted with retrospective effect, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments made will be recognised as error.   The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase consideration is contingent on future events or compliance with agreed terms, such part of the purchase consideration is recognised at fair value at the acquisition date. Subsequent adjustments of contingent purchase considerations are recognised in the income statement.   A business combination achieved in stages, previously held equity interest in the acquiree at its acquisition date are remeasured at fair value and recognise the resulting gain or loss, if any, in profit or loss when a change of control category occur.   Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.Recognition and measurement of intra-group business combinationsThe consolidation method is applied to business combinations such as acquisition and disposal of investments, mergers, demergers, additions of assets and share conversions, etc. in which entities controlled by the parent company are involved, provided the combination is considered final at the time of acquisition with restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the acquired entity are recognised in equity. Other external costs comprise costs for administration etc. The proportionate share of the profit/loss for the year of subsidiaries is recognised in the company's income statement after full elimination of intra-group profits/losses and amortisation of goodwill. In situations of sales of subsidiaries gains/losses are recognised in the income statement.The proportionate share of the profit/loss for the year of associates is recognised in the company's income statement after elimination of the proportionate share of intra-group profits/gains and amortisation of goodwill. In situations of sales of associates gains/losses are recognised in the income statement. Financial income and costs comprises interest income and costs, realized and unrealized gains and losses on securities, payables and transactions denominated in foreign currencies, dividends received on other investments, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Investments in subsidiaries and associates are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus any remaining value goodwill stated according to the purchase method.   All participating interest are associates, and thus they are classified as investments in associates in the balance sheet.   Investments in subsidiaries and associates with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions.Goodwill is amortised over the expected economic life of the asset, measured by reference to Management's experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is between 5 and 20 years. The amortisation period is fixed on the basis of the expected repayment horizon and is longest for strategically acquired entities with strong market positions and long-term earnings profiles.Net revaluations of investments in subsidiaries and associates are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Other investments consists of other equity investments in which the group does not possess a controlling  interest or significant influence. Other equity investments which are not listed investments are measured at cost.    Long-term equity investments in listed entities are measured at fair value. Fair value adjustment is recognised under financial income or financial costs. The carrying amount of investments in subsidiaries, associates and other fixed assets investments is tested for impairment, other than what is reflected through normal amortisation and depreciation, on an annual basis.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets, respectively. If it is not possible to determine the recoverable amount for individual assets, the assets are reviewed jointly in the smallest identifiable group of assets to determine a reliable recoverable amount.The recoverable amount is the higher of the net selling price and the value in use. The value in use is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life.   Assets, for which it is not possible to calculate an individual capital value as the asset, in itself, does not generate future cash flows, are subject to a test for indication of impairment together with the group of assets, to which they may be attributed.   Previously recognised impairment losses are reversed when the reason for recognition no longer exist. Receivables are measured at amortised cost. Securities, which consist of listed shares, are measured at fair value at the balance sheet date. Cash at hand and in bank comprise cash at hand and in bank. Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries, participating interests and associates relative to the cost.DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date.Foreign subsidiaries, associates and participating interests are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of such entities opening equity at closing rate and on translation of the income statements from the exchange rates at the transaction date to closing rate are taken directly to the fair value reserve under 'Equity' in the consolidated financial statements. Solvency ratioEquity at year end x 100Total assetsReturn on equityNet profit for the year x 100Average equity 0 0 449000 406000 -449000 -406000 1430118000 -40847000 -157370000 218366000 173090000 203653000 162317000 268072000 1283072000 112694000 -2202000 -12469000 1285274000 125163000 8043023000 6745566000 738603000 881281000 1159629000 1060790000 9941255000 8687637000 9941255000 8687637000 159937000 827838000 16868000 8553000 145477000 73971000 4931000 85383000 327213000 995745000 512996000 479307000 512996000 479307000 414000 1306000 840623000 1476358000 10781878000 10163995000 500000 500000 7020331000 5758377000 0 750000000 7020831000 6508877000 3760861000 3654970000 186000 148000 3761047000 3655118000 3761047000 3655118000 10781878000 10163995000 500000 5758377000 750000000 -750000000 0 -40240000 0 0 16920000 0 1285274000 0 500000 7020331000 0 0 0 2694000 560000 729000 78000 31705000 69406000 63593000 69723000 74369000 63886000 173090000 203653000 38375000 153078000 106470000 106652000 0 1673000 41000 1166000 17431000 5503000 162317000 268072000 -2202000 -12028000 0 -441000 0 750000000 1285274000 -624837000 11316151000 10895538000 192658000 420613000 -26841000 0 11481968000 11316151000 -4570585000 -3314461000 26543000 0 -40500000 -35858000 1429482000 -40847000 -301822000 -1200363000 17937000 20944000 -3438945000 -4570585000 8043023000 6745566000 NameRegistered officeOwnership interestAktieselskabet af 9.1.2014Aarhus, Denmark100% Intervare A/SBrøndby, Denmark73%  Nemlig.com A/SBrøndby, Denmark100%Aktieselskabet af 17.9.2014Aarhus, Denmark100% Aktieselskabet af 1.12.2016Aarhus, Denmark67%  Normal A/SSkanderborg, Denmark100%   Normal Sweden ABStockholm, Sweden100%   Normal France SaSParis, France100%   Normal Netherlands B.V.Amsterdam, Netherlands100%   Normal Norge ASKristiansand, Norway100%   Normal Finland OyHelsinki, Finland100%   Normalas PortugalLissabon, Portugal100%   Normal Retail Spain S.L.Malaga, Spain100%   Normal Italia S.R.L.Rome, Italy100%  Ejendomsselskabet Godthåbsvej 41 A/SSkanderborg, Denmark100%  Aktieselskabet af 25.1.2021Aarhus, Denmark100% Aktieselskabet af 15.1.2021Skanderborg, Denmark70%Hypezone ApSAarhus, Denmark100%Aktieselskabet af 2.6.2018Aarhus, Denmark100%Founderment A/SAarhus, Denmark71%Brightfolk LimitedLondon, United Kingdom100% BEIRA Ltd.London, United Kingdom100%UBsend A/SAarhus, Denmark86% UBsend B.V.Amsterdam, Netherlands100%   UBsend GmbHBerlin, Germany100%Whiteaway Group A/SAarhus, Denmark57% Whiteaway A/SAarhus, Denmark100% Whiteaway ABSolna, Sweden100% Whiteaway.no ASOslo, Norway100%  Skousen GLH ASOslo, Norway100%  Skousen Alnabru ASOslo, Norway100%  Skousen Ejendommer-Norge ASOslo, Norway100% Panorama Retail ABUmeå, Sweden100% Tretti ABJordbro, Sweden100% Bolind A/SSøborg, Denmark100% Skousen Danmark ApSAarhus, Denmark100% Aktieselskabet af 25.2.2021Aarhus, Denmark100% Skousen Online Service A/SAarhus, Denmark100%  Sos Ejendomme 1 ApSAarhus, Denmark100%  SOS Bolbro ApSAarhus, Denmark0%Aktieselskabet af 20.3.2020Aarhus, Denmark100%Aktieselskabet af 1.3.2017Aarhus, Denmark100%Aktieselskabet af 2.7.2018Aarhus, Denmark100%Aktieselskabet af 12.6.2018Aarhus, Denmark100%Aktieselskabet af 1.7.2021Aarhus, Denmark100%Anpartsselskabet af 30.12.2020Aarhus, Denmark100%Aktieselskabet af 12.12.2020Aarhus, Denmark100%Aktieselskabet af 10.6.2021Aarhus, Denmark100%Vertland Africa LtdKigali, Rwanda100%ASTARRI A/SHorsens, Denmark70% Nine Design LimitedLondon, United Kingdom100% Frandsen Group US Inc.New York, USA100% Aktieselskabet af 20.8.2024Horsens, Denmark100%Fixed asset investments which are not listed investments are measured at cost. Long-term equity investments in listed entities are measured at fair value. Fair value of other fixed asset investments is measured based on stock market price (Fair Value Level 1). Fair value at 31. July 2025, consitute  531.371 TDKK. Fair value adjustment in profit and loss statement constitute 46.163 TDKK. Aktieselskabet af 9.1.2014 Aarhus, Denmark 100  Intervare A/S Brøndby, Denmark 73   Nemlig.com A/S Brøndby, Denmark 100 Aktieselskabet af 17.9.2014 Aarhus, Denmark 100  Aktieselskabet af 1.12.2016 Aarhus, Denmark 67   Normal A/S Skanderborg, Denmark 100    Normal Sweden AB Stockholm, Sweden 100    Normal France SaS Paris, France 100    Normal Netherlands B.V. Amsterdam, Netherlands 100    Normal Norge AS Kristiansand, Norway 100    Normal Finland Oy Helsinki, Finland 100    Normalas Portugal Lissabon, Portugal 100    Normal Retail Spain S.L. Malaga, Spain 100    Normal Italia S.R.L. Rome, Italy 100   Ejendomsselskabet Godthåbsvej 41 A/S Skanderborg, Denmark 100   Aktieselskabet af 25.1.2021 Aarhus, Denmark 100  Aktieselskabet af 15.1.2021 Skanderborg, Denmark 70 Hypezone ApS Aarhus, Denmark 100 Aktieselskabet af 2.6.2018 Aarhus, Denmark 100 Founderment A/S Aarhus, Denmark 71 Brightfolk Limited London, United Kingdom 100  BEIRA Ltd. London, United Kingdom 100 UBsend A/S Aarhus, Denmark 86  UBsend B.V. Amsterdam, Netherlands 100    UBsend GmbH Berlin, Germany 100 Whiteaway Group A/S Aarhus, Denmark 57  Whiteaway A/S Aarhus, Denmark 100  Whiteaway AB Solna, Sweden 100  Whiteaway.no AS Oslo, Norway 100   Skousen GLH AS Oslo, Norway 100   Skousen Alnabru AS Oslo, Norway 100   Skousen Ejendommer-Norge AS Oslo, Norway 100  Panorama Retail AB Umeå, Sweden 100  Tretti AB Jordbro, Sweden 100  Bolind A/S Søborg, Denmark 100  Skousen Danmark ApS Aarhus, Denmark 100  Aktieselskabet af 25.2.2021 Aarhus, Denmark 100  Skousen Online Service A/S Aarhus, Denmark 100   Sos Ejendomme 1 ApS Aarhus, Denmark 100   SOS Bolbro ApS Aarhus, Denmark 0 Aktieselskabet af 20.3.2020 Aarhus, Denmark 100 Aktieselskabet af 1.3.2017 Aarhus, Denmark 100 Aktieselskabet af 2.7.2018 Aarhus, Denmark 100 Aktieselskabet af 12.6.2018 Aarhus, Denmark 100 Aktieselskabet af 1.7.2021 Aarhus, Denmark 100 Anpartsselskabet af 30.12.2020 Aarhus, Denmark 100 Aktieselskabet af 12.12.2020 Aarhus, Denmark 100 Aktieselskabet af 10.6.2021 Aarhus, Denmark 100 Vertland Africa Ltd Kigali, Rwanda 100 ASTARRI A/S Horsens, Denmark 70  Nine Design Limited London, United Kingdom 100  Frandsen Group US Inc. New York, USA 100  Aktieselskabet af 20.8.2024 Horsens, Denmark 100 2386383000 2240251000 48716000 146132000 -599979000 0 1835120000 2386383000 -1505102000 -1010400000 583487000 0 260000 1226000 -157370000 218367000 -16773000 -707864000 -1019000 -6431000 -1096517000 -1505102000 738603000 881281000 Anpartsselskabet af 7.11.2022 Aarhus, Denmark 33 Solitwork A/S Viby J, Denmark 20 Neocles B.V. Amsterdam, Netherlands 50 Nine United Logistics A/S Horsens, Denmark 33 Lunar Group A/S Aarhus, Denmark 15 Entertainment Trading A/S Nørresundby, Denmark 25 Investo Capital I K/S Aalborg Øst, Denmark 50 Varley International Holdings Limited London, United Kingdom 30 Plandisc Holding A/S Brabrand, Denmark 30 Last Studio A/S Tønder, Denmark 20 Sprii ApS Dragør, Denmark 25 Touchtech AB Göteborg, Sweden 28 Landfolk A/S Aarhus, Denmark 37 Eyeball s.r.o. Prague, Czech Republic 21 1591586000 63269000 1654855000 -223557000 46163000 -177394000 307240000 10592000 317832000 1159629000 A total amount of 49 mDKK is considered to be long-term receivables. Shares 512.996479.307 Fair value of securities is measured based on stock market price (Fair Value Level 1). Fair value at 31. July 2025 constitute 512.996 TDKK. Fair value adjustment in profit and loss statement constitute 74.369 TDKK and is presented as financial income (note 3). 500000 A 500000 There have been no changes in the share capital during the last 5 years. In September 2025 a subsidiary to Brightfolk A/S sold a part of their shares in Klarna linked to the company’s successful IPO. This transaction has a significant positive effect on our results in the financial year 2025/26. The Company is jointly taxed with the other Danish enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation. The total amount appears from the annual report of HEARTLAND A/S, which is the administration company in the joint taxation.The company has comitted to invest an additional 131.803 TDKK in shares.   The company has comitted to give an additional loan of 93.250 TDKK As collateral for affiliated company's debt to credit institutions the company has pledged shares in other investments with a booked value of DKK 531 million and securities with a booked value of DKK 513 million by 31 July 2025. HEARTLAND A/S, Store Torv 1, 8000 Aarhus C (Majority owner) Purchase of services from group companies - 96 TDKK   Interest income from subsidiaries - 2.694 TDKK Interest income from associates - 729 TDKK Interest expense to subsidiaries - 106.470 TDKK Capital contribution - 219.804 TDKK Received dividend from subsidiaries - 301.822 TDKK Received dividend from associates - 16.773 TDKK Sale of subsidiary - 936 TDKK   Receivables from group companies - 159.937 TDKK Payables to group companies - 3.760.861 TDKK Receivables from associates - 16.868 TDKK